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Journalist: What is the status of the negotiations of the FTA and when do you see that actually getting concluded?

Minister: We have released the feasibility study and it shows that there are significant benefits to both economies. If a comprehensive free trade agreement is reached between the two economies, then the GDP of both economies will grow significantly over the course of the next 20 years. Both ministers have agreed to accept the recommendation in the feasibility study and that is that we should proceed to conclude an FTA. This has to go through the processes of our respective governments, but we hope to be able to announce and commence the formal negotiations in the not too distant future.

Journalist: When do you see it actually getting concluded?

Minister: I do not want to put a timeline on the conclusion because one becomes captive to the timeline, but the political will is there. The advantage of meeting with the business groups in various parts of my visit is to reinforce the importance of them getting behind the initiative and then building momentum for that political will.

Journalist: What about the conclusion of Doha?

Minister: The conclusion of Doha is doable, but difficult. It is doable because the political will exists. The G20 leaders have made considerable commitment for the conclusion, they stand ready to assist in the conclusion. At this point, we have not made the call on the leaders because we have not narrowed the differences sufficiently. For that to happen, there needs to be ongoing political engagement. This was commenced at the Cairns Group meeting last month. It will be pursued in the OECD and the APEC meetings. Already, there is ongoing work in Geneva to try narrowing the differences.

Journalist: Sir, in terms of trade, what are the immediate targets you are looking at? In terms of increasing the trade, what is the status now in bilateral trade?

Minister: Well, I think in the areas that I have outlined in my address -- mining, agriculture, why because the big challenges facing India, food security, energy and resource security, water management, but there are big opportunities in infrastructure in clean energy and in urban design.

Journalist: Any numbers you would like to give in terms of trade?

Minister: Yes, because I think that you are always dealing with the feasibility study that shows both countries can increase their GDP by $45 billion over that 20-year period. You have seen that study. The question of how close we get to realising the full potential of the $45 billion is how ambitious we are in concluding the free trade agreement and that is going to be subject for negotiation.

Journalist: Last question sir. A lot of companies have shown interest in investing in coal mines. What is the status? How are they doing there?

Minister: We are open to foreign investment. We have always encouraged foreign investment. It has been an important basis for our economic development, so we welcome foreign investment to our country and already there have been investments by for Indian companies, not only in coal mines, but in other mining opportunities. Thank you.

Media inquiries

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